Astec Industries Inc - ASTE STOCK NEWS

Astec Industries reported a strong fourth quarter in 2022, with net sales rising 31.2% to $349.9 million. The operating margin improved by 320 basis points to 0.9%, while the diluted loss per share decreased to $(0.04) from $(0.44). Adjusted EPS surged to $0.34 compared to a loss of $(0.06). The backlog increased 19.7% to $912.7 million. The CEO highlighted growth in Infrastructure and Materials Solutions segments, with respective sales increases of 27% and 39%. Share repurchases amounted to $4 million.

Astec Industries has declared a quarterly dividend of $0.13 per share, scheduled for payment on March 30, 2023. Shareholders of record as of the close of business on March 10, 2023 will receive this dividend. Astec operates within specialized equipment manufacturing for asphalt road building, aggregate processing, and concrete production, divided into two segments: Infrastructure Solutions and Materials Solutions.

Astec Industries, Inc. (NASDAQ: ASTE) will participate in CONEXPO-CON/AGG from March 14-18 in Las Vegas, showcasing its extensive product range for the infrastructure market. The exhibition will feature fully assembled concrete batch plants, immersive virtual reality experiences, and over 20 equipment models, including the new Astec digital technology solutions. CEO Jaco van der Merwe will discuss his vision, while other executives will highlight product innovations aimed at enhancing customer productivity. Key highlights include new machines, a virtual reality station for asphalt plant exploration, and several innovative equipment models.

Astec Industries (NASDAQ:ASTE) has announced a conference call scheduled for March 1, 2023, to discuss its fourth quarter 2022 financial results. The results will be released at 7:00 a.m. ET, followed by the live call at 8:30 a.m. ET. Key executives, including CEO Jaco van der Merwe and CFO Rebecca A. Weyenberg, will host the call. Investors and analysts can access the call by dialing specific numbers provided in the release. An archived webcast will be available for 90 days post-call. Astec specializes in manufacturing equipment for asphalt road building and aggregate processing.

Astec Industries (Nasdaq: ASTE) has announced the immediate resignation of Barry Ruffalo as CEO and board member. Jaco van der Merwe, previously Group President, has been appointed as the new CEO. Van der Merwe brings significant experience, having joined Astec in 2016 and holding various leadership roles in the construction equipment sector. Chairman William D. Gehl praised van der Merwe's qualifications, highlighting the importance of his background in guiding the company's future.

EMCOR Group, Inc. has appointed Rebecca A. Weyenberg to its Board of Directors, effective December 14, 2022. Currently the CFO of Astec Industries, Weyenberg brings extensive experience in financial leadership and strategic acquisitions, particularly in construction and manufacturing sectors. Chairman Anthony J. Guzzi emphasized her potential to drive long-term value for shareholders due to her robust background in finance. Weyenberg holds a B.A. in Accounting from Carthage College and has previously held key positions at Welbilt and AGCO.

Astec Industries will have its President and CEO Barry A. Ruffalo and Senior VP Stephen C. Anderson participate in Baird’s Global Industrial Conference on November 9, 2022. This presentation underscores Astec's commitment to transparency and investor engagement. Investors can access the presentation via Astec’s Investor Relations website. Known for manufacturing equipment for asphalt, road building, and aggregate processing, Astec categorizes its operations into Infrastructure Solutions and Materials Solutions.

Astec Industries (Nasdaq: ASTE) announced the election of Mark Gliebe and Nalin Jain as independent directors, effective November 10, 2022. This expands the Board to 12 members, with 11 being independent. Both new directors will be part of the Audit Committee, with Gliebe also on the Compensation Committee and Jain on the Nominating and Corporate Governance Committee. Gliebe brings extensive experience from Regal Beloit Corp, while Jain serves as President of Digital Electronics at Wabtec Corporation. Chairman William Gehl expressed confidence that their leadership will enhance Astec's strategic priorities.

Astec Industries reported a strong 18.1% increase in net sales to $315.2 million for Q3 2022 compared to Q3 2021. The company's backlog surged 56.2% to $969 million, driven by robust demand in both Infrastructure and Materials Solutions. However, gross profit margin decreased to 20.7%, down 250 bps, reflecting manufacturing inefficiencies linked to supply chain disruptions. Net income attributable to controlling interest fell 92.2% to $0.7 million.

Despite these challenges, Astec plans to drive long-term value through its strategic initiatives and strong balance sheet.